In India, sharia-compliant banking currently accounts for a marginal share of the Indian financial sector. Recent estimates expect that Islamic financial assets in India could reach more soon.
India is preparing the legal framework for Islamic finance products such as the issuance of Islamic bonds (Sukuk) and in order to help financing India's SME it will promote Sukuk, Takaful (Islamic insurance) and halal microcredit.
Currently, India has a number of fully operational Islamic banks which serve retail and islamic corporate banking offering halal financing products such as Ijara, Ijara-wa-iqtina, Mudaraba, Murabaha and Musharaka.
INDIA ONLINE SHARIA BANK